JFSC's annual return is to include BOs and controllers, significant persons, and members. Know the difference?

Under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 and the Limited Partnerships (Jersey) Law 1994, as amended on 12 August 2022, an annual confirmation statement for any entities registered in or before the year preceding the annual confirmation must be completed.

The annual confirmation is an online confirmation made in “JFSC myRegistry” to confirm the information held on our register is accurate as of the date it is made.

The deadline to complete your annual confirmation statement IS the last day of February each year.

The minimum required information is:-

• See - https://www.jerseyfsc.org/registry/annual-confirmation/

For those responsible for submission, please know the difference between beneficial owners and controllers and significant persons [for example, directors] and members.

To assist here is a breakdown of the differences between these terms in the context of the JFSC annual confirmation statement:

Beneficial Owners and Controllers

• Beneficial Owners:
• These are individuals who ultimately own or control the entity.
• For example, any shareholder holding 10% or more of the shares in a company is considered a beneficial owner.
• Controllers: .
• These are individuals who exercise control over the entity through other means, such as having significant influence or control over the management or policies of the entity

Significant Persons

• Significant Persons: This term varies depending on the type of entity:
• Companies:
• Directors and company secretaries
• Foundations:
• Members of the council
• Limited Partnerships:
• General partners
• Limited Liability Partnerships (LLPs):
• Partners involved in management.
• Limited Liability Companies (LLCs):
• Managers or members involved in management.

Members [for companies]

• Members:
• This term generally refers to individuals or entities that are part of the entity but do not necessarily have control or significant influence.
• For example, in a company, members are typically the shareholders.

Each of these roles has specific responsibilities and levels of influence within the entity, and they must be accurately reported in the annual confirmation statement to ensure compliance with JFSC regulations.

Source:  

• August 2021 - Beneficial Ownership and Controller guidance — .... https://www.jerseyfsc.org/industry/guidance-and-policy/beneficial-ownership-and-controller-guidance/.

• August 2022 https://www.jerseyfsc.org/media/5908/gn-beneficial-ownership-and-control-guidance.pdf

• Jan 2021 = Beneficial Ownership and Controller guidance. https://www.jerseyfsc.org/media/4062/gn-beneficial-ownership-and-control-guidance.pdf.

• https://www.jerseyfsc.org/registry/annual-confirmation/